US, Australia ink minerals deal to counter China; Trump jabs at envoy

US President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical minerals agreement at the White House aimed at reducing reliance on China for rare earths and other strategic inputs. The meeting, otherwise cordial, featured a pointed remark from Trump directed at Australia’s ambassador to Washington, Kevin Rudd, over past criticism of him.

Albanese touted an $8.5 billion pipeline of projects ready to move, while a copy of the agreement said the two countries would each invest $1 billion over the next six months in mining and processing ventures and set a minimum price floor for key minerals. A White House statement added that the US Export-Import Bank had issued seven letters of interest to finance about $2.2 billion in projects, and that the Pentagon plans to build a gallium refinery in Western Australia after China’s export controls.

The pact broadens cooperation on mapping geological resources, recycling and screening asset sales on national-security grounds. It comes as Washington seeks to diversify supply chains ahead of Trump’s expected meeting with China’s President Xi Jinping next week.

Trump also signaled continued support for the AUKUS submarine pact, months after his team launched a review of the deal. US Navy officials told the meeting they are working with Australia and the UK to clarify elements of the framework as production ramps up.